TLDR
- BitMine purchased 45,759 ETH last week for approximately $90 million, its largest weekly token purchase of 2026
- Total holdings now stand at 4.37 million ETH valued at $8.7 billion, representing 3.62% of Ethereum’s entire supply
- The company has 3 million ETH staked generating $176 million annually at 2.89% yield
- Chairman Tom Lee compared current market sentiment to 2018 and 2022 bottoms, calling it a “mini-winter”
- Cash reserves increased to $670 million with total assets reaching $9.6 billion
BitMine Immersion Technologies added 45,759 ether to its treasury last week. The purchase marked the company’s largest weekly buy of 2026 in token terms.
Bitmine Immersion Technologies, Inc., BMNR
The acquisition brought total holdings to 4.37 million ETH. That’s worth $8.7 billion at current prices near $1,992 per token.
The buying continues despite turbulent market conditions. BitMine is holding nearly $8 billion in unrealized losses. But the company shows no signs of slowing down.
Chairman Tom Lee sees parallels to previous crypto winters. He said current sentiment matches the lows of 2018 and 2022.
“Investor sentiment and enthusiasm are rock bottom,” Lee stated. He described the same “forlornness and dejection” from those earlier periods.
But Lee highlighted one key difference. No major crypto companies have failed this time. The weakness stems from October’s deleveraging event.
BitMine now owns 3.62% of all Ethereum in existence. That makes it the dominant Ethereum treasury company.
Staking Operations Generate $176M Annually
The firm has 3 million ETH actively staked. That’s 69% of total holdings earning rewards.
These staking operations produce $176 million per year. The current annualized yield is 2.89%.
BitMine’s cash position grew to $670 million. The company also holds small bitcoin reserves and equity positions. Its Beast Industries stake is worth $200 million.
Total assets stand at $9.6 billion. The company operates without debt. This financial flexibility allows continued purchases during downturns.
Lee Points to Long-Term Growth Drivers
Lee spoke at Consensus Hong Kong last week. He outlined three major catalysts for Ethereum’s future.
Tokenization is expanding in traditional finance. AI integrations are creating fresh use cases. Proof-of-humanity infrastructure continues developing.
“The price of ETH is not reflective of the high utility of ETH and its role as the future of finance,” Lee explained.
He positioned BitMine as one of two dominant digital asset treasuries. MicroStrategy leads in Bitcoin while BitMine dominates Ethereum holdings.
The company has beaten Ethereum’s price performance since mid-2025. Lee attributes this to four strategic pillars.
BitMine maximizes staking yields through active management. It invests in high-potential ventures like Beast Industries. The platform is being productized while bridging traditional and decentralized finance.
Lee maintains that Bitcoin and Ethereum remain strong long-term assets. He believes Ethereum is nearing a bottom. Institutional blockchain adoption could fuel the next rally.
Analysts currently rate BitMine stock as a Buy with a $39 price target. Average daily volume is 47.7 million shares. Market capitalization sits at $9.53 billion.
The company announced total assets of $9.6 billion while maintaining its debt-free balance sheet.
